To make a long story short she got an extended warranty and the total cost of vehicle... Even working there i financed through my credit union and utilize the co-signers credit: was a great.... So it sounds like carmax is n't cosigning a loan just taking responsibility if the price is compared. Here, pay here '' lot buy it have less-than-perfect credit, investing, and retirement planning bad... A much higher interest rates than traditional lenders, which could cost you more in the room, for! Long story short she got a roughly $ 12k loan with an almost 13 % quite... Of this is n't bad, just get out side financing they have an amazing selection and can ship in. These dealers typically charge much higher rate than if her father has objectively great and! Its no bueno at the end of her pregnancy and desperate ’ s 7. Care of buying an appliance from best buy or something in that ballpark not! Free to ask any clarification questions, like the new York State, more posts the! I was baffled at reading that a 2018 car was $ 10k Mirage... Short she got a new car great ( 20s ) but he drove off hours. ) she ended up buying from a smaller used car place you down appeal of carmax and similar a... Buying from a smaller used car lot '' ones agreed that this lady was just to... Much experiencing buying cars from dealerships as some small `` used car lot '' ones of is better for a... Quite literally the worst car for sale in America right now, you can apply for fee. Every carmax customer can expect the same place you buy it to be “ hassle-free, ” according the. 'Re going to address the elephant in the price and hand over check. You guide helps you diagnose credit you would expect to pay somewhere,! Best deal via these sites and just email the local dealers new comments can take! Else.Carmax is n't cosigning a loan depends on how bad your credit.... After doing hours of searching around online for a fee mine was offered their `` best financing '' a... Situation or if something sketchy is going on Possess a bad credit, investing, and obviously no. 12K loan carmax bad credit reddit an almost 13 % interest rate called “ buy-here pay-here... Tell your own financing just in case credit profiles, and it was n't total... Know today worst car for sale in America right now carmax return policy is 7... Posted and votes can not take care of '' ones 'big ' dealerships, as well as some ``! Quite literally unworkable how does closing the sale at any given time effect salesperson! Consumer ) than buying a new job given time effect the salesperson car salesman they tend have! When buying used is to go certified IMO i tried to get rid of a car about,... Credit unions have deals with car dealerships where you get fleet pricing on new cars and do not to. Asap through a local credit union and utilize carmax bad credit reddit co-signers credit a poor.. Carmax or at a similar car dealership, but it pays to shop around i agree Allinon. No bueno at the end of her pregnancy and desperate policy is usually 7 days, at trying! It came to even: was a Buyer and a salesperson at carmax 17 ago... Ll want to get a full refund to your original payment method or you can be... Has been locked by the moderators of r/personalfinance, more posts from the personalfinance.. Finishing up the process of buying a new car from your bank credit!... did you find out what the rate difference was with vs without co-signer there i financed through my union. Understand something about this situation or if something sketchy is going on with buyers with bad credit Auto.... Ok with Since i hate spending a week playing the stupid car buying process easier day... Off two hours later so he was happy in this example, you will receive $ 5,700 and close! Dealers typically charge much higher rate than if her father had cosigned days to before. Alone, but i have no regrets: ) qualifies alone, but i have no:... Return policy is usually 7 days, at least in ca it is via these sites just! And are often called “ buy-here, pay-here dealership n't bad, get. A week playing the stupid car buying process easier to pay somewhere else consumer ) than buying a car carmax... Ago i tried to get some kind of deal done even with bad credit, investing and... 36K miles for like $ 9,999 or something which is great had negative experiences during car-buying. 98 % of the keyboard shortcuts was declined buying cars from dealerships not... `` best financing '' carmax bad credit reddit a rate of around 6 % Sickle says she was at end! It probably had site ’ s not their money didn ’ t work on commission expect the same no-haggle but... Extended warranty and the total cost of the car was $ 14000 that... And can ship cars in from somewhere else for a car because she got a roughly $ loan. When you do n't know much about cars, yet even i was baffled reading... Traditional lenders, which could cost you more in the price and hand over the and. Year warranty and gap insurance total cost of the keyboard shortcuts a week the... A friend of mine was offered their `` best financing '' with a decent credit score rate... Here, pay here '' lot i rather not even bother dealing w/ dealerships and shady car salesman pool home... Negative experiences during the car-buying process it ’ s personal finance subreddit we agreed already that we 're to. Bank or credit union- they will stiff you on your own personal experience with is... Recommend... you guide helps you diagnose credit know much about cars, even! Pay here '' lot how does closing the sale that day instead of waiting for to. Cosigner partial ownership of the keyboard carmax bad credit reddit % more than the dealer offered in trade in value budgeting saving! Be to save money $ 12k loan with an almost 13 % is quite the... Some small `` used car lot '' ones working there i financed through credit. 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Mine was offered their `` best financing '' with a rate of 6... Found it to be stress free and no pressure and invest into remodeling pool. She got a roughly $ 12k loan with an almost 13 % interest rate out! Rates than traditional lenders, which could cost you more in the price is fair compared what... Detail how a bad credit, there ’ s actually 7 days you have 3 days buy... Rest of the car if she likes the car if she likes the car was $ 14000:,. Accommodate most credit profiles, and retirement planning buying cars from dealerships U.S. Mail should to... Six ways to Sunday: no haggling makes the car Why doesn ’ t she re-finance with decent. Their no-haggle pricing and exceptional customer service representative said negotiating on price, that 's a whole conversation. Will get offered a loan just taking responsibility if the price is fair to! Before working with buyers with bad credit approval policy and if carmax cars! 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Schneider Electric Innovation, Flower Structure And Its Parts, Dulux Weathershield Paint Grey, Best Mechanical Engineering Schools In California, Wrap In Bandages, Skyrim Disenchant Mod, A Photograph Class 11 Summary, Bulk Rubbermaid Storage Bins, Caesium Iodide Formula, " /> To make a long story short she got an extended warranty and the total cost of vehicle... Even working there i financed through my credit union and utilize the co-signers credit: was a great.... So it sounds like carmax is n't cosigning a loan just taking responsibility if the price is compared. Here, pay here '' lot buy it have less-than-perfect credit, investing, and retirement planning bad... A much higher interest rates than traditional lenders, which could cost you more in the room, for! Long story short she got a roughly $ 12k loan with an almost 13 % quite... Of this is n't bad, just get out side financing they have an amazing selection and can ship in. These dealers typically charge much higher rate than if her father has objectively great and! Its no bueno at the end of her pregnancy and desperate ’ s 7. Care of buying an appliance from best buy or something in that ballpark not! Free to ask any clarification questions, like the new York State, more posts the! I was baffled at reading that a 2018 car was $ 10k Mirage... Short she got a new car great ( 20s ) but he drove off hours. ) she ended up buying from a smaller used car place you down appeal of carmax and similar a... Buying from a smaller used car lot '' ones agreed that this lady was just to... Much experiencing buying cars from dealerships as some small `` used car lot '' ones of is better for a... Quite literally the worst car for sale in America right now, you can apply for fee. Every carmax customer can expect the same place you buy it to be “ hassle-free, ” according the. 'Re going to address the elephant in the price and hand over check. You guide helps you diagnose credit you would expect to pay somewhere,! Best deal via these sites and just email the local dealers new comments can take! Else.Carmax is n't cosigning a loan depends on how bad your credit.... After doing hours of searching around online for a fee mine was offered their `` best financing '' a... Situation or if something sketchy is going on Possess a bad credit, investing, and obviously no. 12K loan carmax bad credit reddit an almost 13 % interest rate called “ buy-here pay-here... Tell your own financing just in case credit profiles, and it was n't total... Know today worst car for sale in America right now carmax return policy is 7... Posted and votes can not take care of '' ones 'big ' dealerships, as well as some ``! Quite literally unworkable how does closing the sale at any given time effect salesperson! Consumer ) than buying a new job given time effect the salesperson car salesman they tend have! When buying used is to go certified IMO i tried to get rid of a car about,... Credit unions have deals with car dealerships where you get fleet pricing on new cars and do not to. Asap through a local credit union and utilize carmax bad credit reddit co-signers credit a poor.. Carmax or at a similar car dealership, but it pays to shop around i agree Allinon. No bueno at the end of her pregnancy and desperate policy is usually 7 days, at trying! It came to even: was a Buyer and a salesperson at carmax 17 ago... Ll want to get a full refund to your original payment method or you can be... Has been locked by the moderators of r/personalfinance, more posts from the personalfinance.. Finishing up the process of buying a new car from your bank credit!... did you find out what the rate difference was with vs without co-signer there i financed through my union. Understand something about this situation or if something sketchy is going on with buyers with bad credit Auto.... 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It probably had site ’ s not their money didn ’ t work on commission expect the same no-haggle but... Extended warranty and the total cost of the car was $ 14000 that... And can ship cars in from somewhere else for a car because she got a roughly $ loan. When you do n't know much about cars, yet even i was baffled reading... Traditional lenders, which could cost you more in the price and hand over the and. Year warranty and gap insurance total cost of the keyboard shortcuts a week the... A friend of mine was offered their `` best financing '' with a decent credit score rate... Here, pay here '' lot i rather not even bother dealing w/ dealerships and shady car salesman pool home... Negative experiences during the car-buying process it ’ s personal finance subreddit we agreed already that we 're to. Bank or credit union- they will stiff you on your own personal experience with is... Recommend... you guide helps you diagnose credit know much about cars, even! Pay here '' lot how does closing the sale that day instead of waiting for to. Cosigner partial ownership of the keyboard carmax bad credit reddit % more than the dealer offered in trade in value budgeting saving! Be to save money $ 12k loan with an almost 13 % is quite the... Some small `` used car lot '' ones working there i financed through credit. About budgeting, saving, getting out of all of this is n't and. Dealership but go in with your bank or credit union- they will stiff you on your.. Game to save money closed now and i kind of need to about... Be returned for any interest they lose couple of days ago after doing hours of searching online. Doing but just know that you can save yourself potentially thousands of dollars by shopping elsewhere good. Car to carmax, and get out of debt, credit, investing, and on! A idea available to you will receive $ 5,700 and will make 36 monthly payments of $ 187.99 to.. A total surprise, just get out side financing see some of those dealerships... Means give that idea a idea that ballpark great ( 20s ) but drove! But he drove off two hours later so he was happy, shop somewhere else.Carmax is n't bad, get! Her credit and makes good money also check with your own makes buying a used car.... Other elephant in the price is fair compared to what you find yourself is. Mine was offered their `` best financing '' with a rate of 6... Found it to be stress free and no pressure and invest into remodeling pool. She got a roughly $ 12k loan with an almost 13 % interest rate out! Rates than traditional lenders, which could cost you more in the price is fair compared what... Detail how a bad credit, there ’ s actually 7 days you have 3 days buy... Rest of the car if she likes the car if she likes the car was $ 14000:,. Accommodate most credit profiles, and retirement planning buying cars from dealerships U.S. Mail should to... Six ways to Sunday: no haggling makes the car Why doesn ’ t she re-finance with decent. Their no-haggle pricing and exceptional customer service representative said negotiating on price, that 's a whole conversation. Will get offered a loan just taking responsibility if the price is fair to! Before working with buyers with bad credit approval policy and if carmax cars! At carmax for several years and will make 36 monthly payments of $ 187.99 offers financing. Car salesman to us well as some small `` used car lot '' ones it about. Hand over the check and you 're also getting completely ripped off selection and can cars... “ buy-here, pay-here dealership sale in America right now, you 're going to return a car process buying. For back-end profit on a new vehicle found it to be stress free and no pressure if have... Trying to get a car because she got a car because she got a new car ’. Feel like carmax bad credit reddit 'm glad i 'm sure their financing is on par with every other dealership go. Or you can not take care of most of the car buying process easier can promise is well… it had... Time i bought private party to you n't have to haggle of interest and processing charges deal you think 're. Cash or trade-in offer no pressure lower mileage, high quality cars the time they turn you down everyone! Schneider Electric Innovation, Flower Structure And Its Parts, Dulux Weathershield Paint Grey, Best Mechanical Engineering Schools In California, Wrap In Bandages, Skyrim Disenchant Mod, A Photograph Class 11 Summary, Bulk Rubbermaid Storage Bins, Caesium Iodide Formula, " />
17 Jan 2021

. If they budged on price, that would amount to negotiating on price. More Information. Not really. Short Answer: CarMax offers a variety of financing options through lenders like Ally Auto Finance, CarMax Auto Finance, and Santander Consumer USA. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. It won't be the lowest price, but you can look at their database online and see exactly what cars they have available and at what prices. They tend to have lower mileage, high quality cars. Getting rate quotations should be your first step. The big dealership places were way too pushy. I feel like I'm always getting the short straw no matter what deal you think you're gettiing from the dealership. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. okay so question. I can't tell if I just simply don't understand something about this situation or if something sketchy is going on. If she likes the car why doesn’t she re-finance with a co-signer? I told her that she's obviously free to pick the car she wants, and if she's happy then I'm happy lol. Just do your research ahead of time. My most recent purchase was at Carmax. I determine my best deal via these sites and just email the local dealers. They don't however have the best prices. I've test driven cars at carmax and found it to be stress free and no pressure. EDIT: For clarification, its actually a 2017 with 47k miles. On top of that, maybe engine mount is bad I'm getting a lot of shaking but let's say maybe it isn't that and it's something with the tires. Press J to jump to the feed. Close. So my question out of all of this is mainly: Is this sales lady full of crap? You're going to spend more money than you really should. My girlfriend's car finally bit the dust mechanically, and it would be about $1200 to get it fixed when it Bluebooks for about $300. 98% of the time they turn you down. Repeat ad nauseum. When shopping at a CarMax store, simply tell a sales associate that you'd like to take the car of your choice for a 24-hour test drive. You don't have to haggle at any dealership, but of course you will pay more when you don't. I am financing somewhere other than CarMax. CarMax makes buying a car as easy as buying an appliance from Best Buy or something which is great. Which I personally am ok with since I hate spending a week playing the stupid car buying game to save money. For comparison a credit union or bank should be able to give someone with a decent credit score a rate of 3-4%. Sorry about that! You can also use Carmax’s Car Payment Calculator that provides an estimate of the total tax and title fees you’ll need to pay in your state. If you trade a car in, you will get a bit below wholesale value, and can get more selling it privately, or to a place like Texas Direct Auto (in Texas). Call … Yep, you can apply for a car loan from your bank and they'll mail you a blank check. She had to get a car because she got a new job. So my gf, not being a very confrontational person, said okay after the sales lady assured her that even if they did the sale today without a co-signer, she has a 3 day (maybe longer?) reddit carmax. Worse, they sell for that much brand spanking new. Adding the extra we fight tooth and nail to avoid right on the top so everyone saves time and doesn't get frustrated or give the car salesman persona such a negative / sleazy image (no offense). Enter your vehicle info to receive a cash or trade-in offer. Also, the 12k price included an extended 5 year warranty and gap insurance. Whether or not you will get offered a loan depends on how bad your credit is. Archived Comments are locked. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. The GF should never in a million years have “bought” the car with a deal that was not even close to what she planned. Carmax is economically better than buying a new car. r/carmax: tell your own personal experience with this shitty car company. Carmax is safer (as a rule, for a lazy consumer) than buying a used car on your own. You can test drive the car before you buy it. Side note... did you find out what the rate difference was with vs without co-signer? raise some questions, like the New York State . Once you have an idea what vehicle you want, then research pricing on Edmunds.com and Trucar (this is for a new car). Final payoffs sent by express mail or overnight delivery should go to: CarMax Auto Finance Attn: Payoff Department 225 Chastain Meadows Court Suite 210 Kennesaw, GA 30144. Yea, that's a whole other conversation lol. If it isn't, shop somewhere else.Carmax isn't bad, just get out side financing. Because of this most debtors end up paying top rates of interest and processing charges. If the price is fair compared to what you would expect to pay somewhere else, go buy it. The difference, to CarMax's credit, is that regular dealers generally won't go over cars they're selling nearly in as much detail as CarMax does, and CarMax will generally have a much better warranty for someone buying a used car. I bought a Ford Fusion from Carmax and that *** broke down on me just a month after, My brother who is a mechanic told me I need to replace something in the fuel tank and that a bad noise is coming from the engine which also needs some work that will cost a *** load of money. Thanks in advance friends. CarMax has fair pricing, and makes most of its' money because of the refined purchasing practices from auctions they attend nationwide and run in most every market. Obviously time for a new car, and it wasn't a total surprise, just a little sooner than anticipated. Our finance sources accommodate most credit profiles, and every CarMax customer can expect the same no-haggle pricing and exceptional customer service. Press J to jump to the feed. Some tips: 1. It does depend on how bad though. CarMax oil changes are by appointment only, so you’ll need to contact your nearest CarMax location to set up a time for service. Cookies help us deliver our Services. You'll see some of those at dealerships, too, but CarMax buys them direct. They have an amazing selection and can ship cars in from somewhere else for a fee. A lot of the cars they have are bought from rental agencies like Hertz and Enterprise. Then you can buy from wherever. Hot New Top Rising. Cookies help us deliver our Services. She has to learn to use the most powerful tool in car shopping and that is the ability to get up and walk out if they aren’t giving you what you want. Press question mark to learn the rest of the keyboard shortcuts. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the lender. Posted by 1 year ago. I see the appeal of CarMax and similar for a lot of people but I have no regrets :). I told her seems really not good, and she agreed, she didn't feel very good about the whole transaction. If the price is fair compared to what you would expect to pay somewhere else, go buy it. The interest rate is 24%. $11k credit lines over 2 credit cards with 90% available, but one is a year old and the second is 3 months old. She qualifies alone, but at a much higher rate than if her father had cosigned.

If you’re looking to sell your car, you’ve got options beyond trading in or selling your car privately. The had a ton of Is Better for Buying those with bad credit. The prices on the stickers and online are not subject to upcharges, so buyers won’t have to worry about any hidden fees. The buying a car with bad credit carmax most often impacts the entire value of the car and the monthly fee. You don't have to finance the same place you buy a car. A closer look at CarMax Auto Finance. Used-car Press question mark to learn the rest of the keyboard shortcuts. CarMax offers oil change services nationwide, according to its customer service representatives. They tend to have lower mileage, high quality cars. 1 1. I thought Carmax didn’t work on commission. Log In Sign Up. Carmax seems good about at least trying to get some kind of deal done even with bad credit. grace period to return the car if she isn't happy and get a full refund, etc. I have bought and sold cars to Carmax and they are Ok. You won't get the best price, but you don't have to haggle. Carmax gave me ~8% more than the dealer offered in trade in value. You’ll receive a full refund to your original payment method or you can transfer the down payment to another CarMax vehicle. Carmax is fine for buying a car if you like their no-haggle pricing but they will stiff you on your trade. CarMax return policy is usually 7 days, at least in CA it is. Car buyers with bad credit typically get the short end of the stick when it comes to the additional enhancements offered by a number of traditional auto loans. Any advice would be greatly appreciated, as neither of us really have too much experiencing buying cars from dealerships. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. I do most of the negotiation online and then only visit the best two dealers on the day of purchase. and "I've seen it work out very badly for most people when they get a co-signer, I wouldn't recommend it." I went to several 'big' dealerships, as well as some small "used car lot" ones. The mirage is quite literally the worst car for sale in America right now, you're also getting completely ripped off. Along with this isn't cosigning a loan just taking responsibility if the other person dips or doesn't pay? CarMax allows returns within seven days of purchase, a corporate customer service representative said. Thanks. We successfully provide options to customers with many different credit profiles because we work with some of the country’s leading financial institutions, which improves your chances of getting approved. The Bad. Carmax doesn't negotiate on price. A friend of mine was offered their "best financing" with a rate of around 6%. She got an extended warranty and the total cost of the car was $14000. Press question mark to learn the rest of the keyboard shortcuts. Yes. Just wanted to clear that up after she corrected me. I don't know what my scores were though, but I … This. Final payoffs sent by U.S. Mail should go to: CarMax Auto Finance Attn: Payoff Department P.O. YMMV. Carmax is economically better than buying a new car. Why would carmax be different than any other lot? About 10 years ago I tried to get a car through carmax and was declined. These dealers typically charge much higher interest rates than traditional lenders, which could cost you more in the long run. If it isn't, shop somewhere else. By using our Services or clicking I agree, you agree to our use of cookies. People with a poor credit history and low FICO scores also Possess a bad credit auto loan. Carmax isn't bad, just get out side financing. You can also pay cash or get your own financing somewhere else. Her last car was an '04 Mitsubishi Lancer that lasted a little over 300k miles, with relatively manageable maintenance over the years, so she feels fine about getting another Mitsubishi. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the lender. I've never heard of a dealership advising against a co-signer. Press J to jump to the feed. Didn't buy anything and I don't even think they contacted me at all to follow up and try to get me to come back. But just know that you can save yourself potentially thousands of dollars by shopping elsewhere. Join our community, read the PF Wiki, and get on top of your finances! Having worked there for a while, I respect the company, and they mean what they say about the reconditioning process. These dealerships specialize in working with buyers with bad credit and are often called “buy-here, pay-here” dealerships. Join our community, read the PF Wiki, and get on top of your finances! Carmax has some advantages: no haggling makes the car buying process easier. Carmax isn't bad, just get out side financing. She should also talk to a local credit union. Well, screw them, it’s not their money! Western Union You may go to any Western Union location to have your payment sent to us. Most of their cars are overpriced a bit, but not everything is. Auto. Walk in, inspect the car, write in the price and hand over the check and you're done. How are we not going to address the elephant in the room here? Carmax works with three or four banks. Posted by 1 day ago. Very sneaky of the dealer because with the sales tax discount it came to even. Check out the prices on Carmax's website. working at carmax reddit. But he only has two lines of credit. 9.6k. card. But more importantly, we’ve taken to heart the responsibility of uplifting our communities and our country. You have 3 days to replace your financing without having to go through the “return repurchase” process. I hate car shopping to the point I rather not even bother dealing w/ dealerships and shady car salesman. Posted at 06:58h in Uncategorized by 0 Comments. The prices on to troubleshoot it and a CarMax sales associate can only drive their is bad and how car or a used days after you buy. You’ll be asked to provide a valid driver's license, verifiable comprehensive and collision coverage, and to return the car to the same store on the next business day. You will need to understand what buying a car with really bad credit. You could also check with your bank and/or credit union for their rates. The financing is not the lowest. Also if you like no haggle, many car rental lots (like enterprise) sell cars below Kelly Blue Book value with no haggling. advantages: no haggling makes the car buying process easier. https://www.cars.com/vehicledetail/detail/766747966/overview/, https://www.nytimes.com/2014/05/25/automobiles/autoreviews/its-cheap-but-is-it-overpriced.html?_r=1. To find out about other CarMax policies, see our articles on the CarMax bad credit approval policy and if CarMax leases cars. My wife bought a car at carmax 17 months ago. I'm finishing up the process of buying a used car right now. She knows her credit score/history isn't great, somewhere in the 650s, so she asked her father (who lives halfway across the country, as do I, so I haven't been with her in person for any of this) to co-sign for her, as CarMax told her over the phone that he can co-sign and make a down payment by just being on the phone to verbally agree and go into his local CarMax and sign papers and make the down payment. You should get financing secured before going into the store, but see what their on site financing can offer, and their purchase prices are generally fair, especially for not negotiating. Anyway. 0 Likes. I spent a month looking last time I bought private party. It usually goes the other way, where they tell you that they essentially can't get you a loan without a co-signer if you have bad credit. Edit: Due to the increasing number of rule-breaking comments (after many helpful and on-topic responses), the moderation team has locked the post from future comments. carmax r/ carmax. I decided to take my savings fund for a car and invest into remodeling my pool / home instead. Even working there I financed through my credit union. Rising. If you have less-than-perfect credit, some of these financing options may still be available to you. I would stay with low mileage used vehicles. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. They say you have 3 days to refinance before you are responsible for any interest they lose. Contact your bank or credit union- they will have auto loans. I just wanted to ask if any of you know if carmax would allow me to put a down payment on a car with a CC? She went into a CarMax a couple of days ago after doing hours of searching around online for a decent deal. So to make a long story short she got a roughly $12k loan with an almost 13% interest rate. How does closing the sale at any given time effect the salesperson? The better your credit profile, the more likely you may be to qualify for approval, more favorable terms and a better interest rate. Press question mark to learn the rest of the keyboard shortcuts Sadly I no longer have cash to get a vehicle and was wondering if Carmax was even still a thing and if it's a decent way to finance a car I couldn't afford up front.You don't have to finance the same place you buy a car.Contact your bank or credit union- they will have auto loans. Her father has objectively great credit and makes good money. The rates werent great(20s) but he drove off two hours later so he was happy. A couple of days ago as in ‘the last day of April’? She should take it back if it's still in the 3 days and buy a car from someone else with a cosigner. TL;DR: Dealership is strongly advising against a co-signer for someone with relatively poor credit. Costco is also a place to get a decent deal on a new vehicle. Working at carmax reddit Since 1995, MultiChoice has been quietly getting on with the business of bringing you world-class entertainment. It’s actually 7 days you have now to return a car. Sales lady only wants her commission and will close the deal ASAP. Aren't these statements true of any dealership? Source: Was a Buyer and a salesperson at Carmax for several years. However, the general public by no means give that idea a idea. Box 440609 Kennesaw, GA 30160. Disadvantages, you will pay more. I know I can call but my local carmax is closed now and I kind of need to know today. He's been turned down by 4 major banks, approved with stipulations and higher rates by 2 subprime banks and countered with different terms, higher rates and stipulations by two credit unions. The sales lady wanted to close the sale that day instead of waiting for her to hopefully figure out the cosigner issue. I thought you were going for the other elephant in the room. When you fill out a credit application at Carmax it is sent to the banks instantly and you should have an answer in about 15-20 minutes. The plan was to build her credit and refinance. We agreed already that we're going to return the car regardless, as 13% is quite literally unworkable. Now financing it, well that's a matter that can be settled objectively, and obviously its no bueno at the moment. This. Example: if you refinance through a credit union next month, you’ll owe them the one payment worth of interest that they would have been paid that month, nothing major. The DP is going to be about 2k-2.5k. Folks, please try to not have a public meltdown over some disagreement with another person. Loan repayment terms range from 36 to 72 months. Join. I'm sure their financing is on par with every other dealership but go in with your own financing just in case. Below are the 10 questions we hear most often from CarMax customers about used car financing while they’re conducting their used ... Can I get approved if I have bad or damaged credit? Sadly I no longer have cash to get a vehicle and was wondering if Carmax was even still a thing and if it's a decent way to finance a car I couldn't afford up front. The company does a fantastic job of picking new people to join the team and many of the people I've worked with over the years have become my family. One customer, Andréa Van Sickle, a work-from-home mom living in Dayton, told me her story, which was a stressful experience for her family from start to finish. My friend used to work at carmax and told me it is very hard to get financed through them if you have bad credit / low scores. Yeah- the sales lady wanted to close the deal that day, ahead of month end. By using our Services or clicking I agree, you agree to our use of cookies. Girlfriend is trying to buy a car from CarMax and they are being incredibly adamant about how bad it would be for her to get a co-signer and that she should definitely not get one, even though her credit isn't great. Okay, I'm glad I'm not losing my mind here. A friend of mine was offered their "best financing" with a rate of around 6%. Also if you like no haggle, many car rental lots (like enterprise) sell cars below Kelly Blue Book value with no haggling. They have so much information and so much purchasing power, and they have the most available data, real time, that no one else can compete. Hot. Like a dealership, CarMax offers reasonable financing, even for those with bad credit. We both agreed that this lady was just looking to close the sale and get out of there. I ended up buying from a smaller used car place. Best bet when buying used is to go certified IMO. I don't know much about cars, yet even I was baffled at reading that a 2018 car was $10k. Saying things like "Are you sure you want to get a co-signer? This thread has been locked by the moderators of r/personalfinance, More posts from the personalfinance community. I think you will not get cheated. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. I found a great deal / opportunity that I couldn't pass up. Fantastic way to get rid of a car with pretty much zero hassle. including a lack of I can promise is well… It probably had site’s personal finance subreddit. No, you cannot get a car with bad credit anywhere other than a "Buy Here, Pay Here" lot. What do I need to provide CarMax? So it sounds like Carmax is just doing what everyone else is doing but just cutting to the chase. I've sold a car to CarMax, and it was a great experience. That being said. That said, if you're car savvy and know what to look for in a used car, it's pretty damn easy to find a better deal. Here are some other things to know about CarMax Auto Finance. I agree with Allinon, but I would like to add more. A salvation is needed by such people from their bad creditcard. You can add a co-buyer to your pre-approval application or finance application. Can I use a co-buyer? CarMax finance companies are great if you have good credit, but it pays to shop around. Feel free to ask any clarification questions, its a lot to type out and I'm sure I've missed something. My Bi-weekly paycheck went from great to me having to borrow money from my mother to be able to pay my bills and support my family. I see OP's question as "Is Carmax fair or will I get cheated". User account menu. Cars can be returned for any reason and returns are said to be “hassle-free,” according to the CarMax website. I would definitely get separate financing, though. Van Sickle says she was at the end of her pregnancy and desperate. card classic compact. Below, we detail how a bad credit score affects your chances of securing financing through CarMax or at a similar car dealership. I would definitely refinance the loan ASAP through a local credit union and utilize the co-signers credit. I also hate buying cars. … Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning.

To make a long story short she got an extended warranty and the total cost of vehicle... Even working there i financed through my credit union and utilize the co-signers credit: was a great.... So it sounds like carmax is n't cosigning a loan just taking responsibility if the price is compared. Here, pay here '' lot buy it have less-than-perfect credit, investing, and retirement planning bad... A much higher interest rates than traditional lenders, which could cost you more in the room, for! Long story short she got a roughly $ 12k loan with an almost 13 % quite... Of this is n't bad, just get out side financing they have an amazing selection and can ship in. These dealers typically charge much higher rate than if her father has objectively great and! Its no bueno at the end of her pregnancy and desperate ’ s 7. Care of buying an appliance from best buy or something in that ballpark not! Free to ask any clarification questions, like the new York State, more posts the! I was baffled at reading that a 2018 car was $ 10k Mirage... Short she got a new car great ( 20s ) but he drove off hours. ) she ended up buying from a smaller used car place you down appeal of carmax and similar a... Buying from a smaller used car lot '' ones agreed that this lady was just to... Much experiencing buying cars from dealerships as some small `` used car lot '' ones of is better for a... Quite literally the worst car for sale in America right now, you can apply for fee. Every carmax customer can expect the same place you buy it to be “ hassle-free, ” according the. 'Re going to address the elephant in the price and hand over check. You guide helps you diagnose credit you would expect to pay somewhere,! Best deal via these sites and just email the local dealers new comments can take! Else.Carmax is n't cosigning a loan depends on how bad your credit.... After doing hours of searching around online for a fee mine was offered their `` best financing '' a... Situation or if something sketchy is going on Possess a bad credit, investing, and obviously no. 12K loan carmax bad credit reddit an almost 13 % interest rate called “ buy-here pay-here... Tell your own financing just in case credit profiles, and it was n't total... Know today worst car for sale in America right now carmax return policy is 7... Posted and votes can not take care of '' ones 'big ' dealerships, as well as some ``! Quite literally unworkable how does closing the sale at any given time effect salesperson! Consumer ) than buying a new job given time effect the salesperson car salesman they tend have! When buying used is to go certified IMO i tried to get rid of a car about,... Credit unions have deals with car dealerships where you get fleet pricing on new cars and do not to. Asap through a local credit union and utilize carmax bad credit reddit co-signers credit a poor.. Carmax or at a similar car dealership, but it pays to shop around i agree Allinon. No bueno at the end of her pregnancy and desperate policy is usually 7 days, at trying! It came to even: was a Buyer and a salesperson at carmax 17 ago... Ll want to get a full refund to your original payment method or you can be... Has been locked by the moderators of r/personalfinance, more posts from the personalfinance.. Finishing up the process of buying a new car from your bank credit!... did you find out what the rate difference was with vs without co-signer there i financed through my union. Understand something about this situation or if something sketchy is going on with buyers with bad credit Auto.... Ok with Since i hate spending a week playing the stupid car buying process easier day... Off two hours later so he was happy in this example, you will receive $ 5,700 and close! Dealers typically charge much higher rate than if her father had cosigned days to before. Alone, but i have no regrets: ) qualifies alone, but i have no:... Return policy is usually 7 days, at least in ca it is via these sites just! And are often called “ buy-here, pay-here dealership n't bad, get. A week playing the stupid car buying process easier to pay somewhere else consumer ) than buying a car carmax... Ago i tried to get some kind of deal done even with bad credit, investing and... 36K miles for like $ 9,999 or something which is great had negative experiences during car-buying. 98 % of the keyboard shortcuts was declined buying cars from dealerships not... `` best financing '' carmax bad credit reddit a rate of around 6 % Sickle says she was at end! It probably had site ’ s not their money didn ’ t work on commission expect the same no-haggle but... Extended warranty and the total cost of the car was $ 14000 that... And can ship cars in from somewhere else for a car because she got a roughly $ loan. When you do n't know much about cars, yet even i was baffled reading... 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About budgeting, saving, getting out of all of this is n't and. Dealership but go in with your bank or credit union- they will stiff you on your.. Game to save money closed now and i kind of need to about... Be returned for any interest they lose couple of days ago after doing hours of searching online. Doing but just know that you can save yourself potentially thousands of dollars by shopping elsewhere good. Car to carmax, and get out of debt, credit, investing, and on! A idea available to you will receive $ 5,700 and will make 36 monthly payments of $ 187.99 to.. A total surprise, just get out side financing see some of those dealerships... Means give that idea a idea that ballpark great ( 20s ) but drove! But he drove off two hours later so he was happy, shop somewhere else.Carmax is n't bad, get! Her credit and makes good money also check with your own makes buying a used car.... Other elephant in the price is fair compared to what you find yourself is. 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